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Crude At Bottom Of Recent Range As Demand Worries At Fore

OIL

Oil prices are down moderately today as the greenback strengthened (USD index +0.2%). Demand concerns drove markets with speculation that the Fed isn’t finished and weak China exports in October. There was also a general pullback in risk sentiment.

  • WTI is 0.5% lower at $80.41/bbl and while it has trended down throughout the session, it has held above $80. Brent is down 0.6% to $84.69. Prices are at the lower end of the range they have been in November so far. Recent range trading reflects little change in market fundamentals.
  • Today Minneapolis Fed President Kashkari, who is on the FOMC this year, said that it is too soon to say that inflation is contained and that more data is needed, thus raising the prospect of further tightening.
  • China’s imports of crude rose 14.4% y/y in September YTD. Product exports increased 33.2% y/y and imports +93.6%.
  • API data on crude and product inventories are released today. Later the Fed’s Kashkari, Goolsbee, Barr, Schmid, Waller and Logan speak. ECB’s de Guindos, Enria and McCaul also appear. On the data front there is only the September US trade balance and German IP.
Energy BulletsCommodities
Energy BulletsCommodities

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